Weekly: Global Billet Market Overview

This was the second consecutive week, when global billet market posted trade silence over drop in offers from/in all major billet trading nations. The major disrupting factor of the global billet market; Turkey’s imported scrap prices, are negatively encouraging the global market sentiments. Imported scrap prices to Turkey continue to move down further, however prices inched up towards weekend. Buyers in Turkey were already bidding at lower price levels since the last few days, while continued weak steel sentiments suggest that further down slide in offers are expected in the coming days.This has created the disparity between bids and offers and buyers are gone now in a wait and watch mode, anticipating further drop in billet offers.

Also, the corona virus outbreak is strongly supporting the event to keep the global billet market sentiments depressed. However, few nations like Indonesia are in routine steel trades. Although, country has limited its trades from China

CIS-Billet export from the region offers drops marginally by USD 5-10/MT amid fallen Turkey’s imported scrap prices. This week, billet export assessment from CIS nations are at USD 375-380/MT, FoB Black Sea.

Iran- This week, Iranian billet export market remained silent with drop in offers.SteelMint assessment for billet export offers from Iran is at USD 375-380/MT, FoB Iran, down USD 5-10/MT against last week.

SE Asia- For the consecutive week, the SE Asian billet import market reported silent. SteelMint assessment for SE Asia billet import offers has dropped marginally and is at USD 410-420/MT, CFR, down USD 5/MT against last week. Meanwhile,the domestic Indonesia billet is being offered at IDR 7500/MT, CIF, including taxes.

Vietnam- The billet export offers from the county for 5 SP grade are heard to have at USD 420-425/MT FoB.

China-The country’s domestic billet market partially resumed this week. However, the domestic billet offers witness no change and are stable at RMB 3,300/MT, identical as before the Lunar holidays.

SteelMint’s assessment for HMS 1&2 (80:20) from USA origin stands at USD 260/MT CFR Turkey, down by over USD 10/MT against last week.

Global Billet prices:

Source: SteelMint Research